Marketing Strategy Seminar Exam 2

the marketing manager is interested in marketing clients on the basis of their profitability and accesses a database that tells him about the frequency and size of each client's order along with the actual costs per order. this database is part of the______ system

CRM

What is on of the three major objectives of customer relationship management?

Customer Aquisition

the marketing _____ is a comprehensive system providing managers with up-to-the-minute info, including data such as actual sales versus forecast and progress on marketing plan objectives

Dashboard

Redefining the selling role within the firm to focus on customer business consultation and solutions is one way that CRM ________.

Facilitates a customer- centric culture

which contemporary theory of motivation believes that to create satisfied employees, a company must focus on motivators?

Herzberg's two-factor theory

The ability to get secondary and/or primary data on a market being considered for segmentation relates to which question about segmentation?

Is segmentation readily identifiable and can it be measured?

in the CRM process cycle, ______ is the process of analyzing the customer info. Acquired through various customer touchpoints.

Knowledge Discovery

_____ is defined as the identification collection, analysis, and distribution of data to discover and solve marketing problems or enhance good decision making

Market Research

the marketing manager of Big Wheel Motors notices an increased demand for "green" cars that use less fossil fuels and emit fewer pollutants. Under which external information source for marketing decisions will this info be included?

Natural World

_____ relates to the different types of data including text, video, images and audio

Variety

________ relates to the reliability and validity of the data.

Veracity

when Kenau received report from the interns who conducted research surveys, he was concerned they were not properly trained because the data did not match any of his other research. Keanu was primarily concerned with the ___ of the data.

Veracity

___________ is a major source of data generation that will continue to grow in importance as more people rely on the internet

Web-Related Activity

target marketing is the process by which

a company evaluates market segments and decides which ones have the most potential for development

The marketing management team of a toy company is looking at the possibility of opening a new plant in one of several developing countries. Before they decide in which country they want to build, they want to conduct some preliminary research including local population demographics and lifestyle characteristics. However, they have discovered that the governments in several of these countries do not have a department that collects these data, and no independent research firm has measured any of these areas. Which issue with secondary data in global markets does this illustrate?

accessibility

Reasons for conducting exploratory research include

answering the research question

To compete in today's market, how often should firms focus on marketing planning so that managers and executives have the core information about progress toward relevant goals and metrics at their fingertips?

at all times

White Eagle Country Club attracts customers who like to golf, swim, and eat out, so it emphasizes those features to prospective members. This illustrates ______ segmentation

behavioral

in addition to culture, the text discusses three factors that are particularly relevant in consumer behavior. They are

beliefs, values, and attitudes.

ROBI stands for return on ___ investments

brand

when a retail chain sells winter coats, it sends them to different stores at different times of the year. Which approach to geographic segmentation in the United States does this scenario exemplify?

by climate

_______ is an analytic method that predicts a customers preferences for products or services based on the observed preferences of customers who are perceived to be similar

collaborating filtering

in marketing, differentiation means

communicating and delivering value in different ways to different customer groups

Since there are so many companies that operate in the food service industry, the owner of a restaurant pays detailed attention to what other restaurants that offer similar services and dishes are doing. In the context of external forces affecting marketing decisions the owner focuses on

competitors

Americans tend to value hard work and achievement while Japanese citizens tend to value harmony and hierarchy. This shows a difference in ____ factors

cultural

A ______ is a person's belief that understanding and satisfying customers, whether internal or external to the organization is central to the proper execution of their job.

customer mind-set

The level at which the offering meets or exceeds a customer's expectations

customer satisfaction

the marketing manager for a group of stores is in the process of getting primary data from customers to learn what current products need improvement. They are using a probability sampling method, but are having trouble figuring out how to contact customers and get them to participate. They also debate how to collect the data to be analyzed. the company is concerned with the ____ part of the research problem

data collection

Which of the six key sources of Big Data is being used when a company collects Big Data on customers in order to sell it to other organizations?

data from commercial entites

the primary difference between domestic and international research is that the more international market data the more ___ than domestic data

difficult to interpret

A dry cleaning chain has created an integrated website to assist its purchasing department in purchasing and supplying products online. In this scenario, the company's initiative best reflects a method of

e-procurement

offering credit cards to high school seniors is an example of _____ segmentation

educational

For managers, the key section of the market research report that presents a synopsis of the analysis and essential findings is the _____.

executive summary

Primary target markets differ from secondary and tertiary target markets by the ________.

expected level of ROI derived from the market

____ information sources include independent groups, personal associations, marketer-created information and experiences.

external

All-Star Video wants to conduct exploratory research to clarify its marketing-related research problem. The company decides to collect primary data using qualitative research and collect this data from 10 customers with only one researcher. In this case, All-Star Videos would most likely use a ____ to collect data and meet its deadline.

focus group

Positioning strategy is a process that often starts with ________, which help(s) develop a set of attributes for further analysis.

focus groups

while researching the possible impact of economic conditions on a proposed new product introduction on the internet, you can find an article in Bloomberg Business Week online that reviews how new products have fared during times of rising inflation. Which source of secondary data does this scenario exemplify?

general knowledge sites

An interior design company has offices in Santa Fe, New Mexico; Butte, Montana; and Chicago, Illinois. Its designers use different products and designs in each place because clients' tastes tend to be different depending on where they live. This illustrates ________segmentation.

geographic

Karan is highly influenced by his work environment. He will most likely

go for a vacation at the same places as his coworkers.

Laurie is an avid consumer of conservative news and never watches a program that conflicts with her beliefs. Susan watches both liberal and conservative outlets in order to know all the facts and opinions before forming her own. Compared to Laurie, Susan is engaged in

high-involvement learning

when your boss says you need a ROMI of a 5.0, he is describing the _____ fir the marketing investment

hurdle rate

B2B demand is more ____ in general than B2C demand for products or services

inelastic

Jorge is trying to sell a metal-bending machine to a manufacturing firm. He decides to talk to people inside the firm who have expertise in metal bending, who can then provide this information to the buying center. The people he is targeting are known as

influencers

What is on e of the three factors a company needs to consider when creating market info systems?

information needs

the consumer decision process is an interaction of two types of forces. they are

internal and external

gatekeepers are important in the B2B buying process because they

limit the number of vendors in a given buying process

The sales manager at a company wants to keep informed, so he collects, analyzes, and stores data from the macro environment on a continual basis. This illustrates?

marketing intelligence

Jess notices the low-fuel light is on as he is driving home. Without any additional information, he stops at the local station on the way home to fill up. This is an example of a(n)

minimal information search

A manager wanted to learn how customers would react to some new product displays. To collect this information, she posted employees near the display and had them record how long customers looked at it, whether they picked up the item, and if they took the item with them. In this case she is using _____ for her market research.

observational data

________segmentation recognizes that there may be a number of consistent needs and wants demonstrated by consumers based on what type of job they have.

occupational

NewTech Inc. is a manufacturer of PCs, and most of its revenue is generated by selling PCs to consumers. However, the company is struggling to gain new customers for its other product lines such as tablets and smartphones because they see it as only a computer company. In this scenario, NewTech is suffering from the error of ________.

overpositioning

when Benoit was asked to describe Sherry, he didn't describe her based on her age or education; rather, he talked about her easygoing manner, which reflected her

personality

When a company only hires employees who are competent, reliable, courteous, credible, responsive, and able to communicate clearly, it achieves ________ leadership as a source of differentiation.

personnel

An approach using ________ analytics utilizes data to make predictions about future marketing outcomes of interest.

predictive

an approach using ___ analytics involves determining the optimal level of marketing relevant factors for a specific context by considering how adjusting their levels in varying ways will impact different marketing outcomes

prescriptive

Hakim buys most of his groceries at Aldi because it has the cheapest groceries even though he has to bring his own bags and bag his own groceries. Aldi differentiates itself through ________ leadership.

price

A marketing manager using VALS is interested in _____ segmentation

psychograpchic

A request for proposal (RFP) is the process

putting product specifications into a document for distribution

which type of research is less structured and can employ methods such as survey and interviews to collect the data?

qualitative

social class has declined as a method for segmentation as a result of

readily available credit flattening the classes

The local sandwich shop has always sold calorie-laden sandwiches and recently introduced six new sandwiches featuring vegetables and lower-calorie meats and cheeses to appeal to health-conscious customers. What strategy is the sandwich shop pursuing?

repositioning

Companies like Home Depot sell to the B2B market and B2C market out of the same store. This puts the company in the category of a(n)

reseller

Selective ________ tends to reinforce existing attitudes and creates a real challenge for marketers trying to overcome negative beliefs and attitudes since people are less likely to be aware of or retain information to the contrary.

retention

Any influence on the product and supplier choice is an organizational factor. The primary organizational factor is ________.

risk tolerance

concentrated target marketing is often used by

start-up firms to enter a market as a focus player

a potential pitfall in marketing dashboards is that a company becomes so focused on tactical measures that may overshadow measures in

strategic insight

Marla identifies with a specific religious group, which encompasses a small group within her culture. Marla's religious group is an example of a(n)

subculture

A _____ chain is the synchronized movement of goods through the channel

supply

an advantage to using secondary data is

that it is a fast way to get information

which statement is true of collecting data for market research in global markets?

the quantity and quality of data found in the U.S. are not available to most of the world.

Marketers use geographic segmentation when _____.

there is evidence that consumers respond differently to marketing strategies and programs based on where they live

HerboLux, a company that sells herbal soaps, has failed to increase its sales, as consumers could not understand how soaps made by HerboLux were different or better than other herbal soaps available in the market. In this scenario, HerboLux is suffering from the positioning error of ________.

underpositioning

To ensure the primary data they collected about consumer reactions to their product were accurate, a maker of high-end bathroom fixtures hired a single research firm to collect data from certain cities in various countries. In the past, the company had used mail and telephone surveys by local companies in each country to gather data, but it was concerned about whom these companies were surveying and if they actually fit the demographic and lifestyle profiles of the firm's target market. What problem was the firm avoiding when collecting primary data in global markets?

unreliable sampling precedures

Thea was so upset how she was treated when she went on the Eiffel tower that she recorded a video rant and posted it on YouTube. This is an example of _____ data

unstructured

Advertisements with messages like "Orange juice—It's not just for breakfast anymore!" or "Soup can be a delicious way to start a cold winter's day," are using segmentation by ________.

usage patterns

the owner found some secondary data online that measured consumer reactions to certain amenities in bars and nightclubs. However, he is concerned about how these data were collected and from whom it was associated with. The _______ of secondary data

validity

_______ are the marketing activities that affect the consumer decision process

value proposition, distribution and marketing communications

Fernando has a sales meeting and needs to know sales figures by product and by region as quickly as possible he needs the ____ of Big Data?

velocity

the account manager of a market research firm is conducting secondary research on consumer preferences in energy drinks for his clients' drink which is 100 percent organic, but all of the secondary data he has found contains only beverages that contain a majority of artificial ingredients. This scenario illustrates the fact that secondary data

will not fit the research problem exactly